Fixed-fee leasehold conveyancing in Narborough:

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Recently asked questions relating to Narborough leasehold conveyancing

Having checked my lease I have discovered that there are only 72 years left on my lease in Narborough. I am keen to extend my lease but my freeholder is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the lessor. On the whole an enquiry agent should be useful to carry out a search and to produce an expert document which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Narborough.

I am attracted to a couple of maisonettes in Narborough which have approximately forty five years unexpired on the leases. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

I am employed by a busy estate agent office in Narborough where we see a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Narborough conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What advice can you give us when it comes to finding a Narborough conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Narborough conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Narborough conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • How many lease extensions have they carried out in Narborough in the last 12 months?
  • Can they put you in touch with client in Narborough who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Narborough from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Narborough can be reduced if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
    • The majority landlords or managing agents in Narborough charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Narborough.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Narborough state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. Should you fail to have the approvals to hand you should not communicate with the landlord without contacting your conveyancer in advance.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a 1 bedroom flat in Narborough, conveyancing formalities finalised 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Narborough with over 90 years remaining are worth £205,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2106

    With 80 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Narborough